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The IRS has made important changes to the Form 1065. We'll present a comprehensive course on preparing Form 1065, including in-depth treatment of the important new changes.
Join expert Greg White, CPA, as he walks you through how to complete Form 1065 and apply new rules that are crucial to preparing partnership tax returns.
Topics Covered
- Changes on Schedule K
- Schedules K-2 and K-3
- When does a business involving spouses require a partnership return?
- How to eliminate late-filing penalties for partnership returns
- When must a partnership return be filed?
- How to apply the bonus depreciation rules to partnership step-ups under §743
- New IRS form allowing revocation of section 754 election
- When it's possible to revoke the election
- Answering Form 1065 questions on passive activity grouping
- When should real estate partnerships elect out of the 30% interest expense limit under §163(j)?
Learning Objectives
- Identify circumstances under which a business involving only two spouses requires a partnership return
- Identify strategies to eliminate late-filing penalties for partnership returns
- Explain how to compute bonus depreciation on partnership step-ups under §743
- Identify circumstances where a partnership can revoke a section 754 election
- Recognize how to determine how to answer Form 1065 questions on passive activity grouping
- Identify the referenced court case that shows how broad the definition of a “partnership” can be
- Identify the year the 35% loss rule was originally enacted
- Identify the income tax rate that is applicable to partnerships
- Identify the late filing penalty per partner per month for returns to be filed in 2024 (not to exceed 12 months)
- Identify the audit rate for C Corps based on the IRS Data Books
Level
Basic
Instructional Method
Group: Internet-based
NASBA Field of Study
Taxes (4 hours)
Program Prerequisites
None
Advance Preparation
None
Instructor
Greg White
Greg White, CPA, taught for 14 years as an adjunct professor for Golden Gate University. He’s admitted to practice before the United States Tax Court. He is a founder and shareholder, in WGN PS in Seattle, WA. He has been named a Top 50 IRS Representation Practitioner in the U.S. by CPA Magazine and has taught for a number of professional organizations. Greg enjoys the technical side of tax, but also likes to have fun in class.